TOP Ships is making significant strides in expanding its investment in product tankers, opting to redirect funds from a planned property acquisition in Dubai. Announced on October 7, the Athens-based company confirmed its agreement to buy four firms with contracts for Ice Class 1A MR product tankers from Guangzhou Shipyard International (GSI). This acquisition is set to increase TOP Ships’ MR newbuilding program from ten to fourteen vessels, with deliveries anticipated in the first quarter of 2030.

Strategic Shift Away from Dubai Investments

The recent acquisition aligns with TOP Ships’ efforts to ceaselessly optimize its shipping portfolio. The company’s withdrawal from the Dubai property deal, initially set out in a letter of intent back in November 2025, freed up $23.5 million in capital. This financing has already been utilized for a previous acquisition of three tankers, signifying a direct correlation between the company’s exit from real estate investments and its renewed focus on shipping initiatives.

Details on Acquisitions and Financial Implications

The purchase agreement executed on October 1 involves four special-purpose companies, Roman Shark XI, XII, XIII, and XIV, linked with Central Mare Inc., an entity connected to the family of TOP Ships CEO Evangelos J. Pistiolis. Each firm holds a contract with GSI and China Shipbuilding Trading Co., Ltd. for the construction of a 49,940-dwt Ice Class 1A MR product tanker. Deliveries are set to occur across three quarters in 2029, followed by one in March 2030. The total cost for acquiring the shares in these companies stands at approximately $34.95 million, with a payment deadline of December 31, 2026. The associated shipbuilding contracts require an aggregate payment of $198 million, with $49.5 million per vessel, and has already been reviewed and approved by an independent committee.

Growth and Future of the MR Tanker Programme

In February of this year, TOP Ships also initiated its investment in GSI by announcing its plan to acquire nine vessel-specific companies, creating a significant pipeline of newbuilds. Although two of these projects were subsequently transferred to Rubico, another shipping entity linked to the same controlling shareholder, TOP Ships retained seven of the initial nine. Alongside this expansion, three additional vessels contracted at HD Hyundai-Vietnam Shipbuilding add to the diverse tanker fleet, marking a strategic realignment towards enhancing its MR tanker capabilities.

Long-Term Employment and Revenue Potential

For the newly acquired vessels, TOP Ships has secured charter commitments from a major oil trader. The duration includes seven firm years with options for an extension of three additional years, yielding an estimated potential gross revenue of $316.9 million if all options are exercised. The earlier GSI acquisitions are backed by a similar arrangement through Trafigura, showcasing the company’s effective strategy in linking long-term contracts with its fleet growth.

As TOP Ships transitions out of its previous investments in megayachts—such as the planned sale of its 47-metre yacht Para Bellvm—the shift towards a focused tanker business model is now more pronounced. The emerging business model emphasizes high-specification product tankers complemented by substantial leasing arrangements and pre-delivery employment. With first deliveries expected in 2028, this step demonstrates a commitment to creating a larger, MR-centric fleet, progressing well beyond the current delivery timeline.